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July 7, 2014

LPL, Former Exec to Launch Retirement Group

Global Retirement Partners will work with LPL’s hybrid RIA platform to boost the IBD’s retirement plan business

LPL celebrates its 2010 IPO.

LPL Financial (LPLA) says it is launching a retirement consultancy in cooperation with Bill Chetney, the former head of LPL Retirement Partners, and Financial Telesis.

According to the independent broker-dealer, Chetney resigned from LPL over the past week. He plans to buy some assets from Financial Telesis and form a retirement plan advisory firm, Global Retirement Partners, which will partner with LPL's hybrid RIA platform.

"Adding Global Retirement Partners as a new large LPL enterprise is another important step forward for LPL Financial in the retirement plan industry," said LPL Financial President Robert Moore, in a statement. "And we are delighted to be able to continue to partner with Bill Chetney."

The venture is structured “to ensure that numerous plan sponsors and their clients will benefit from his strategic thinking on retirement plan services, including in-plan advice,” Moore said, “while simultaneously enabling Bill to return to his entrepreneurial roots and build a new business."

Chetney is set to be CEO of Global Retirement Partners, while Financial Telesis founder and CEO Jim Williams will be president.

David Reich, who has been with LPL for three years, has been named executive vice president and head of LPL Retirement Partners and strategy for the IBD’s Independent Advisor Services unit.

In 2010, LPL Financial bought certain assets of National Retirement Partners (NRP), which offered retirement plan services to thousands of employers nationwide; Cheney was CEO and president of NRP at the time of the deal.

Since 2010, the IBD says it has grown the Retirement Partners group to support more than 5,500 advisors with some $99 billion in retirement plan assets custodied with third-party providers. These advisors provide retirement plan consulting strategies for more than 39,000 plans with 3 million participants.

Retirement Partners introduced Worksite Financial Solutions in April 2013. The platform lets retirement plan sponsors and advisors “better address the needs of employees with advice and education.” Since the rollout, WFS has expanded to include more than $4.5 billion in assets through more than 400 retirement plans — thanks, in part to partnerships with Vanguard, Ascensus and several other recordkeepers, such as New York Life.

The IBD also launched Sync Advisor Match, a search program and portal that helps facilitate partnerships between retirement plan advisors and qualified wealth management advisors. Some 500 advisors currently use the program.

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